Offer Funnel
purpose
Now that you understand how to capture leads and convert them into customers, you need to understand the 5 main stages of the CLIENT PROBLEM TO SOLUTION journey in order to retain those customers:
The Freebie / Lead Magnet is not so much of an offer as it is a way to capture your leads. A free or near cheap resource that you can use as a quick win and an entry point to each of your offers (each freebie should be different and relevant to the specific offer). It is included here because it still forms part of your Offer Funnel for when you are up-selling your clients to the next higher offer.
The Low Offer is your base level product or service. Very affordable and will suit most people to achieve a small goal / fix a small aspect of a bigger problem and will leave them wanting to continue their journey with you / explore more offers.
The Mid Offer is the next step up and increases in cost as well as inclusions. Will help clients to achieve more than one goal or to fix multiple aspects of a bigger problem. The client should be learning how to resolve underlying issues at this point that they may not have knon they needed help with.
The High Offer is the final step in solving your customers problem. It is the highest standard price point and includes the most value. In this stage clients should reach the point that the core problem is resolved and they no longer need help.
- The VIP Offer is an optional extra and relates to things like seasonal offers that may be invite only, or available only to customers who have travelled through your entire offer funnel. This is also where you can create custom offers to people who have finished your funnel but want to continue working with you on a personalised level.
When designing your offers keep in mind that each tier should be a step up from the last. There needs to be new and better inclusions as an incentive for your client to move through your Offer Funnel. And it needs to help them on a deeper, more meaningful level.
Up Selling and Cross Selling
OBJECTIVE
The aim of the Low Offer is to act as an easy entry point for attractring a new customer. It should be a product or service that helps your client fix a single problem or covers a single topic. It should be relatively affordable, accessible and the client should be able to see results / resolve their problem in a short period of time.
The aim of the Mid Offer is to help someone who has a more complex problem. It should include a a few topics. Adding more value to the offer also enables you to charge a higher price. Think of your Mid offer as your happy place with sales. It should be suitable and most appealing for majority of your customers.
The aim of the High Offer is to generate good money for your business whilst providing advanced support. Im most cases this will include 1:1 time with you if you are service based, or luxury products.
The aim of the VIP Offer is to act as
“Why do I need so many levels of offers? Can’t I just have one and sell everyone in to that?”
This is a common question and one that is simple to explain with an example…
Say you only have one offer (which is Mid tier) and it is a program priced at $500, takes 2 months to complete and helps a customer achieve X & Y. You have three leads. The first lead can’t afford it, the second lead doesn’t have the available time and the third lead needs problem Z solved too. What I see happen in this scenario A LOT (with new clients of mine before we do strategy together) is the business will either walk away with no clients, OR they will spend hours of back and forth and negotiation adjusting the price for one customer, the time for another and adding extra inclusions for the third customer. Needless to say it is messy, hard to track and unfair for other customers who bought the offer as is.
The solution to this problem is to DOWN-SELL, CROSS-SELL or UP-SELL to make sure that you can appeal to leads without always having to change your offers based on an individuals needs. And this can only be achieved when you have multiple offers at different tiers.
The aim of the Down-sell is to allow people to work with you in a smaller capacity until they can afford a more expensive offer, or, until they have the pre-requisites needed.
In the example above if you could suggest your Low offer instead of Mid.
The aim of the Cross-sell is to suggest a different offer (or multiple) that is similar or complementary if the current offer isn’t a fit.
In the example above if you could suggest two short course offers instead of the longer program, both of which are Low individually but together form a Mid offer.
The aim of the Up-sell is to suggest a better, higher valued offer for someone who needs more.
In the example above if you could suggest your High offer which includes solving problem Z instead of the Mid offer.
Process
A lot of business owners spend too much time in the Pipeline phase of planning, thinking only about what they have to offer and how best to promote it. We want to change our approach by focusing on these steps:
- Determining every single one of your ideal customers problems or goals.
- Matching up which of your existing offers best aids in solving that problem.
- Seeing if there are any gaps in what you offer and what your ideal customer needs.
- Adding inclusions to existing offers and/or creating new offers where possible to make sure you have a complete product or service.
Doing this not only helps you to flesh out your products and services but it also helps you get a clearer picture of where your offers will fall in the low, mid, high and VIP funnel.
This is the final stage of the reflection process and when completed it will give you the building blocks to be able to curate the copy needed for the pages of your website along with any other elements you have.